LaSalle launches Japan open-ended Property Fund
LaSalle Investment Management has raised JPY61bn (€507m) for a newly launched open-ended core Japan property fund and has acquired an initial portfolio for JPY105bn.
The manager said the LaSalle Japan Property Fund – which will target capital from international investors in the future – received its initial equity commitments from Japanese investors along with loans extended by major Japanese financial institutions.
The fund invests mainly in the Japanese cities of Tokyo, Osaka, Nagoya and Fukuoka, and aims to grow to JPY200bn in three years and JPY300bn in five years.
The fund has bought a portfolio of six assets as part of its plan to invest in diversified assets across the office, industrial, retail and multi-family sectors. Gabbay said Japan’s large, transparent real estate market is one the company knows very well, providing LaSalle with a sustainable competitive advantage as it invests into core assets.
Keith Fujii, CEO, LaSalle Japan, said the creation of the LaSalle Japan Property Fund following the launch of the publicly traded J-REIT in 2016- LaSalle Logiport REIT, enhances the manager’s products with core investment strategies in Japan.